At GoForth Institute, we believe that all entrepreneurs need a business plan. Why? Here are five reasons you should have a business plan before officially opening your doors:
- To test the feasibility of your business idea and work out any bugs on paper first.
- To develop strategies ahead of time for marketing, finance, operation and human resources, instead of when you’re in the fast-paced start-up stage.
- To get funding, such as a bank loan.
- To attract investors.
- To have a roadmap to follow for at least the first year in business.
A business plan is usually developed around the answers to three common questions:
- Where are we now?
- Where do we want to be?
- How are we going to get there?
A business plan contains sections like: Marketing Plan, Startup Expenses and Capitalization, Management and Organization, Products and Services, and Operational Plan. Time and effort should be spent planning before your new company’s products and services ever reach the market. You need a good foundation and planning before you invest all your time and money.
Download our free one-page business plan template
Over 10,000 entrepreneurs have used GoForth training to learn essential small business skills, and a business plan is one of them. You can download our free One-Page Business Plan here – happy planning!
